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De <br /> <br />Pt <br /> <br />All compensating balances will remain the property of the CDC <br />and will be insured through the FDIC to the maximum extent <br />possible and the uninsured balance will be collaterally <br />insured by the bank in the name and possession of the CDC. <br /> <br />The bank will determine the unsubsidized interest rate prior <br />to any Compensating Balance. The unsubsidized interest rate <br />on August 1, 1987 was 12~. This rate is subject to change and <br />may affect the required number of months that the Compensating <br />Balance will be made by written amendment, agreed to by both <br />the CDC and the bank. In no event will the rate be higher <br />than that charged for home improvement loans to normal banking <br />customers. <br /> <br />The bank will be reimbursed for applicable expenses <br />on: <br /> <br />incurred <br /> <br />1. Appraisal fee $75.00 3. Recording Fee $11.00 <br />2. Title fee 85.00 4. Credit Bureau Fee 2.00 <br /> <br />The fees listed above will be added to any loan approved by <br />the bank. In the event the loan is not made by the bank, the <br />CDC will reimburse the bank for these fees, and the reports <br />will become the property of the CDC. <br /> <br />The bank agrees to waive any additional loan fees and document <br />preparation fees not listed above. <br /> <br />The bank agrees to refund to the CDC any Compensating Balance <br />held in the event of a loan is prepaid by the borrower during <br />the time the Compensating Balance is being held. Such refunds <br />will be mailed by check to the CDC. <br /> <br />III. <br /> <br /> A. <br /> <br />LOAN PROCEDURE <br /> <br />The Community Development Corporation of Lakewood (CDC) will <br />refer all persons desiring credit under the program to the <br />Bank by forwarding to the Bank a Loan Application Package <br />consisting of the following documents and materials. <br /> <br /> 1. Loan Application and Bank's form of Fair Lending Notice <br />2. Construction Contract or Bids <br /> <br />B. Review of Loan Application <br /> <br />Following receipt of the Loan Application Package, the Bank <br />will review the Loan Application Package and forward to the <br />CDC written notice indicating either the Bank's approval or <br />disapproval of the loan application. The information <br />contained in the Loan Package and in the Bank's written notice <br />will be held by the CDC as a privileged and confidential <br />document and not as a public record. <br /> <br /> <br />